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Rating Action:

Moody's downgrades Nationwide Mutual; reviews Nationwide Financial for possible downgrade

19 Dec 2008
Moody's downgrades Nationwide Mutual; reviews Nationwide Financial for possible downgrade

Approximately $3 billion of debt securities affected.

New York, December 19, 2008 -- Moody's Investors Service has downgraded the insurance financial strength rating of Nationwide Mutual Insurance Company ("NMIC") and its property-casualty affiliates to A1 from Aa3, and the rating on NMIC's surplus notes to A3 from A2. The outlook for the ratings is stable. In the same action, Moody's has placed the ratings of Nationwide Financial Services, Inc. (NYSE: NFS, A3 senior unsecured) and its subsidiaries (Aa3 insurance financial strength) under review for possible downgrade.

In August 2008, NMIC, which currently owns 67% of NFS, agreed to buy out the minority shareholders of NFS for $2.5 billion in cash, a transaction that is expected to close on January 1, 2009.

"The downgrade of NMIC and its property-casualty affiliates anticipates the sharp reduction in their standalone capital as a result of the NFS transaction," noted Kevin Lee, a senior credit officer at Moody's. NMIC has decided to fund the entire transaction with its own resources -- without any contribution from NFS. This is a significant departure from what had been considered in August, when the possibility existed that part of the funding could come from NFS. The significant cash outlay from NMIC also comes at a time when recent hurricane losses and asset impairments have hindered capital generation. Upon close of the transaction, the standalone capital of NMIC and its affiliates (i.e., Moody's excludes the capital of NFS) is expected to decline by more than 20% compared to year-end 2007.

Moody's added that further reductions in standalone capital at NMIC and its property-casualty affiliates could exert negative pressure on their ratings, including capital contributions to NFS or asset impairments. For the first nine months this year, NMIC and its property-casualty affiliates recorded pre-tax asset impairment charges of $289 million (approximately $100 million was related to Fannie/Freddie preferred stock and Lehman bonds). At November 30, 2008, the $26.4 billion (book value) of invested assets (excluding NFS) remained well-diversified and fairly conservative (27% governments/short-terms/agencies, 32% municipals, 16% corporates, 7% alternatives, 5% non-agency RMBS, , 4% commercial mortgage loans, 3% ABS, 3% CMBS, 2% preferred stock), albeit alternatives and commercial mortgage loans remain areas of vigilance.

Commenting on the review for possible downgrade of NFS' ratings, Moody's said that it expects continuing pressure on NFS' investment portfolio, profitability, and capital adequacy in light of the challenging credit and economic environment that has largely affected the industry as a whole. Over the past several months, widening credit spreads have caused an increase in its unrealized loss position and net income has been hampered by realized losses due to credit impairments. The company reported a third quarter pre-tax loss from continuing operations of $529 million and a net loss of $346 million, stemming predominantly from asset impairments (largely from troubled financial sector holdings) and variable annuity-related issues (i.e., DAC write-downs, reserve increases/hedging breakage costs).

"Significantly higher unrealized losses could be the source of additional future impairments, given our expectation of further asset deterioration in the real estate sector and rising corporate defaults," said Laura Bazer, a senior credit officer at Moody's. "However, although variable annuity portfolios remain under stress in the current weak equity market environment, the company's capital adequacy remains strong," the analyst added. The reprivatization of NFS will be financed by internal funds from NMIC and will not involve statutory dividends from the NFS companies in 2009, the rating agency added.

The review of NFS will focus on: 1) the impact on its future profitability from depressed equity markets, given its sizable variable annuities and fee-based pension business, 2) the expected and stress losses that could materialize in the investment portfolio, as well as the pressure that the large unrealized losses could place on the company's liquidity profile, including the performance of its institutional investment products, and 3) the impact of both items above on regulatory capital adequacy. The review will also focus on consolidated financial flexibility, in terms of financial leverage and earnings and cash coverage ratios at the NMIC level, in conjunction with the transaction.

The following ratings of Nationwide Mutual have been downgraded and assigned a stable outlook:

Nationwide Mutual Insurance Company -- insurance financial strength to A1 from Aa3, surplus notes to A3 from A2;

Nationwide Mutual Fire Insurance Company -- insurance financial strength to A1 from Aa3;

Nationwide General Insurance Company -- insurance financial strength to A1 from Aa3;

Nationwide Agribusiness Insurance Company -- insurance financial strength to A1 from Aa3;

Nationwide Assurance Company -- insurance financial strength to A1 from Aa3;

Nationwide Property & Casualty Insurance Company -- insurance financial strength to A1 from Aa3;

Scottsdale Insurance Company -- insurance financial strength to A1 from Aa3;

Farmland Mutual Insurance Company -- insurance financial strength to A1 from Aa3;

Crestbrook Insurance Company -- insurance financial strength to A1 from Aa3;

The following ratings of NFS and its subsidiaries were placed on review for possible downgrade:

Nationwide Financial Services, Inc.: senior unsecured debt at A3; junior subordinated debt at Baa1; preferred stock or convertible/exchangeable preferred stock at (P)Baa2;

Nationwide Financial Services Capital Trusts III and IV: preferred stock ratings and related purchase contracts and purchase units at (P)Baa1;

Nationwide Life Insurance Company: insurance financial strength rating at Aa3

Nationwide Life Insurance Company of America: insurance financial strength rating at Aa3;

Nationwide Life & Annuity Insurance Company: insurance financial strength rating at Aa3;

Nationwide Life & Annuity Company of America: insurance financial strength rating at Aa3;

Nationwide Life Global Funding I: senior debt at Aa3.

The following rating was affirmed with a stable outlook:

Nationwide Life Insurance Company: commercial paper rating at Prime-1.

Based in Columbus, Ohio, Nationwide Mutual is one of the largest property and casualty insurance groups in the U.S. Through the first nine months of 2008, the flagship company, NMIC, reported statutory net income of $547 million which included an underwriting loss of $675 million, net investment income of $481 million and net realized capital gains of $516 million (largely non-cash gains from termination of prepaid forward contracts). NMIC reported statutory surplus, including its investment in NFS, of $10.87 billion at Sept 30, 2008 (versus $11.36 billion at Dec 31, 2007).

Headquartered in Columbus, Ohio, Nationwide Financial Services, Inc., is engaged in life insurance and annuity business. Through the first nine months of 2008, NFS reported a net loss of $217 million and total assets of $102 billion and shareholders equity of $4.2 billion at Sept 30, 2008.

The last rating action occurred on August 8, 2008 when Moody's revised the rating outlook on NMIC to negative from stable and affirmed the ratings of NFS and its subsidiaries with a stable outlook.

The principal methodology used in rating NMIC and its property/casualty affiliates was "Moody's Global Rating Methodology for Property and Casualty Insurers". The principal methodology used in rating NFS was "Moody's Global Rating Methodology for Life Insurers". Both methodologies can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.

New York
Kevin Lee
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Laura Bazer
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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